Irish developer sells off Royal Docks district

 
Kasmira Jefford
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IRISH developer Ballymore has put a 37-acre site in London’s Royal Docks up for sale, in a deal expected to fetch more than £150m.

The company yesterday said it has hired advisers Knight Frank and Alan Selby & Partners to sell Royal Wharf, as it looks to pay down debt and fund its other London developments including Embassy Gardens in Nine Elms.

The Thames-side scheme, which is wedged between West Silvertown and Pontoon Dock, has planning consent for 3,385 homes and could have an end value of more than £1bn.

“The project offers the opportunity to create a new central London neighbourhood with schools, shops, businesses and homes but with buildings at a scale that do not present the same risks as high rise developments,” said Sean Mulryan, Ballymore’s founder and chief executive.

Knight Frank partner Charlie Hart said the site, which will help meet London’s demand for new homes, has already sparked interest from several parties, with a sale expected to be completed this year.

The news comes weeks after Ballymore announced it has put Old Spitalfields Market – one of the capital’s oldest marketplaces – up for sale with a price tag of around £100m.

The Dublin-based firm, founded by Mulryan in 1982, is one of National Asset Management Agency’s (Nama), biggest debtors after borrowing heavily at the peak of the market.

It has been working with Ireland’s so-called bad bank to restructure its £1bn debt pile and recently agreed on a business plan to repay debt over the next five to seven years.